LASER WORLD

Balance Sheets

December $31$

$20242023$

Assets

Current assets:

Cash $$120,000$ $$112,000$

Accounts receivable $90,00070,000$

Inventory $120,000100,000$

Prepaid rent $10,00010,000$

Long$-$term assets:

Land $260,000200,000$

Equipment $350,000210,000$

Accumulated depreciation $(70,000)(42,000)$

Total assets $$880,000$ $$660,000$

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable $$55,000$ $$75,000$

Interest payable $8,0007,000$

Income tax payable $15,00012,000$

Long$-$term liabilities:

Notes payable $400,000300,000$

Stockholders' equity:

Common stock $200,000200,000$

Retained earnings $202,00066,000$

Total liabilities and equity $$880,000$ $$660,000$